Huobi Joins OKEx, Adds Four New Stablecoins

Huobi Global has announced its decision to list four USD-pegged stablecoins by the end of the week.

In a support notice published on its platform, the company noted that users will be able to make deposits for Paxos Standard Token (PAX), True USD (TUSD), Circle’s (USDC), and Gemini exchange’s (GUSD) on its exchange starting from Friday, October 19, 2018 (GMT +8).

That was as much detail as the exchange revealed, as it says further information for when trading would start on the exchange will be announced at a later date. Huobi is the fifth largest digital currency exchange and is currently the ninth largest market for Tether, according to data from CoinMarketCap.

Huobi becomes the latest top 10 crytpocurrency exchange to add new stablecoins as uncertainty continues to mar Tether’s market reputation. OKEx took the same step by adding the aforementioned tokens to its listed assets yesterday. Tether, the world’s largest stablecoin, lost its peg in the early hours of October 15, 2018, causing major price discrepancies between bitcoin’s BTC/USDT and BTC/USD trading pairs across the market.

While uncertainty persists regarding Tether’s USD holdings, Leonardo Real, Tether’s chief compliance officer, in an email response to CNBC, believes the current happenings in the market are no cause for alarm.

“We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities,” he added.

At press time, Tether is trading at $0.98, tied to bitcoin trading pairs. Against the USD on Kraken and Bittrex, it is trading at $0.95 and $0.96, respectively.